Business Description

PRIM was founded on February 6, 1963, as Private Development Corporation of the Philippines, before changing its name to PDCP Development Bank, Inc. later that year. The company’s name was changed to First e-Bank Corporation on June 6, 2000, and subsequently to its present name on October 20, 2003. Banco de Oro Unibank, Inc. took over PRIM’s deposit liabilities and other banking responsibilities in 2002. The Board of Directors of PRIM authorized a shift in main purpose from a development bank to a holding company with interests in the media business on December 6, 2002. Due to the Company’s modest activities, it progressively retired all of its workers by 2010 and hired consultants/service providers to meet its needs.

PRIM is a shell company with no ongoing business activities.

New Developments

  • PRIM and Philippine Collective Media Corp. (PCMC) have signed a memorandum of understanding to explore the possibility of the two companies merging to form “a sustainable and operational organization.”
  • PRIM’s parent firm, RYM Business Management Corp., signed a Memorandum of Understanding with New Era Empire Realty Corp. to reinvigorate the firm by participating in the following businesses:

    A. Leisure and hospitality-related commercial and residential real estate development and leasing.

    B. Media and entertainment, via the purchase of a media/broadcast franchise.

    C. Gaming, by obtaining a PAGCOR license or forming a cooperation with an existing PAGCOR licensee.

    D. Providing ancillary services to POGOs via a partnership with an existing POGO operator.

    E. Investing in or developing technology that provides financial services.
  • PRIM’s parent has canceled its Memorandum of Agreement with Greenergy Holdings Incorporated and some landowners, which was signed on July 17, 2019.
  • For the first nine months of 2020, the firm recorded a net loss of P2.27 million.

Technical Analysis

  • PRIM is currently up 310% from the beginning of the year.
  • It is trading above its 8-day, 20-day, 50-day, and 100-day moving average lines.
  • The stock has been trading between P1-5 million per day.
  • PRIM recently broke above the first resistance of its trend channel. It may continue higher towards its next resistance. Any pull back should be treated as a buying opportunity as long as it stays above support.

Material in this article is obtained from sources we believe to be reliable, but its reliability or precision cannot be guaranteed. This is for the sole purpose of providing details and does not provide an offer from us to buy or sell securities mentioned in this document.

LEAVE A REPLY

Please enter your comment!
Please enter your name here